(L-R) Franz Fayot, Luxembourg's Minister of the Economy; Lars Herlitz, Co-Founder and Chairman of Lyten ; Yuriko Backes, Luxembourg's Minister of Finance;
Credit: MECO
At the opening of the "Automotive Day" in Esch-Belval on Thursday 5 October 2023, Xavier Bettel, Luxembourg’s Prime Minister and Yuriko Backes, the Minister of Finance, as well as Franz Fayot, the Minister of the Economy, announced the signing of a Memorandum of Understanding (MoU) with the American company Lyten, which will establish its European headquarters in Luxembourg.
Located in Silicon Valley, Lyten works in material innovation and specialises in three-dimensional tunable graphene, known as Lyten 3D Graphene™. These materials contribute to advancements in decarbonisation efforts and are intended for diverse applications, including lightweight composite materials, sensors and next-generation lithium-sulfur batteries. These high-performance batteries cater to the aerospace, defence and automotive sectors. Notably, Lyten's lithium-sulfur batteries contain no nickel, cobalt, or manganese components, resulting in a >60% reduction in carbon emissions. Additionally, they contribute to the substantial reduction of electric vehicle weight, thereby expediting the transition towards sustainable mobility.
In addition to establishing its European headquarters, Lyten has plans for research and development endeavours in Luxembourg. The company is also exploring the possibility of establishing an industrial pilot plant in Luxembourg in the future. These strategic initiatives align with the Ministry of the Economy's vision for the Automobility Campus site in Bissen, fostering ongoing discussions in this collaboration, the ministry noted.
Prime Minister Bettel said: "A couple of months after the first contacts with Lyten were established in California, I am very satisfied to have signed an MoU with the company to formalise our collaboration. Through its innovative '3D Graphene' technology, Lyten is on its way to revolutionise the future of batteries and materials. It's an exciting step for Luxembourg in becoming a hub for future-proof industrial projects in the field of sustainability and mobility. Many sectors will benefit from the company's advancements on their path to Net Zero."
"We're extremely pleased that a pioneering company such as Lyten has chosen Luxembourg as its gateway to Europe," added Minister Fayot. "Lyten is representative of the type of firm that Luxembourg embraces as we position ourselves as a cleantech innovation hub that supports private research, development and innovation in priority economic sectors. This new project confirms Luxembourg's attractiveness as a location for innovative companies at the cutting edge of technology."
Minister Backes said: "Today we celebrate the beginning of an exciting partnership, where innovation finds a welcoming home, and great ideas have the space to grow." She added: "I am pleased to witness partnerships of this calibre, indispensable for our country's sustainable development, potentially leveraging the robust financing instruments like those provided by the Luxembourg Future Fund 2. Launched earlier this year, the LFF 2 is not only an innovative financing tool but also a valuable asset within our ecosystem, jointly powered by the SNCI and the European Investment Fund."
